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News that Hewlett-Packard will say sayonara to 27,000 out of 350,000 employees by the end of 2014 – 9,000 will be cut by Halloween – gave the struggling tech giant’s stock a bounce Thursday morning. It remains to be seen, however, how the layoffs will affect employee happiness at HP.

Overall employee happiness at HP has remained relatively steady since Meg Whitman took the reins late last September, CareerBliss data shows, though there has been a slight decline.

In the eight months before Whitman became CEO, overall happiness at HP (based on reviews submitted by employees) was 3.89 on a scale of 1 to 5. In the eight months since, overall happiness has slipped 3 percent to 3.77.

Many of the layoffs will come via retirements, according to several news reports, and Whitman has been quoted saying that the cuts are “absolutely critical for the long-term health of the company.”

Regardless of any positive affect that may result from the layoffs down the line, employee happiness could take a hit as people see so many of their coworkers being shown the door, CareerBliss co-founder and CEO Heidi Golledge said.

“I sympathize with HP employees who will lose their jobs – it can be a devastating experience,” Golledge said. “Downsizing can also be difficult for employees who keep their jobs. It really chips away at feelings of job security and confidence in the company’s health.”

Going forward, Golledge said, HP’s senior management will have to do a good job of clearly articulating their plans to revitalize HP, and how the layoffs will contribute to that goal.

“Meg has shown she is a great leader in the past. This is a time for her and her team to be totally transparent about what direction they are taking the company,” she said. “HP employees need to be confident that the company has a future – and, just as importantly, that they have a future with it.”

To those HP employees who will lose their jobs, Golledge suggests getting right into the job search.

“Despite the problems HP is facing, there are millions of jobs out there for skilled professionals,” she said. “Assess your skills and experience, update your resume and start looking for a job. There is life after a layoff. And no matter how difficult this may be, it may lead you to a happier phase of your career.”